The ProShares UltraShort Basic Materials ETF (SMN) is attempting to emerge to the upside from its recent sideways digestion area between 65.80 and 61.80, which if sustained should trigger upside continuation to 69.00/40 next, but likely on the way to 71.00/50 thereafter -- as the highly touted (Obama infrastructure) basic materials group is on the defensive ahead of New Year's..



Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.